Summer is finally here and thoughts of taking a vacation and heading to the beach are on the minds of a lot of people right now.
Many Americans spend countless hours planning and organizing the perfect summer vacation for their family. But one thing they forget to do is to create a plan for how to pay for it.
About 74% of Americans have gone into debt to pay for a getaway, according to a new study from financial planning company LearnVest.
The study, which surveyed 1,000 adults, showed on average, Americans take on about $1,100 in debt on their excursions.
Bankrate.com chief financial analyst Greg McBride said that isn't surprising considering the increasing levels of household debt.
"One major factor in rising consumer debt burdens has been the very sluggish growth in household income," McBride said. "People's expenses are going up and people's income is barely keeping pace if at all."